Service income of a partnership firm in it's first year of operation is Rs. 4.5 Lakhs. It is not claiming any partner remuneration and incurred loss of Rs. 35000. Whether it is liable for tax audit ?
Thanks in advance
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TAX audit query
Replies (3)
No.......
In 26AS, receipts u/s 194j are 4.5 Lakhs on which TDS is 45000, but client has filed ITR showing 4.5 Lakh as turnover and Rs. 35000 as loss. Is it still not liable for audit, since showing less than 8%. Please clarify
No... If it's filing u/s 44AA
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